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Business accounts for contractors

Business accounts for contractors

We've helped thousands of small businesses across the UK find the best deal!

  • Quick filters
  • Quick application process
  • Longest fee free period
  • Overdraft facility
  • Accounts for poor credit
  • A mobile application
  • Low fees to pay in cash
  • Accounts which pay interest
Provider
Free for
BBI Rating
Fees
Features

All other accounts

CashPlus - Business Current Account
CashPlus logo
0 months
Not currently rated
£69 Annually
Switcher Startup
more info more info
CardOneBanking - Business Account
CardOneBanking logo
0 months
Not currently rated
£12.50 Minimum Fee
Switcher Startup
more info more info
Scroll to see how we’ve helped others
santander bank logo
lloyds bank logo
yorkshire bank logo

How we’ve helped others find the best contractor business bank accounts

As a contractor, it’s important that you choose the right bank account.

  • We help contractors across the UK switch
  • We work hard to negotiate the best deals
  • We help contractors to compare with ease

For a start-up, many banks will offer an introductory free banking period which means that you won’t face monthly charges for using the account! However, other fees may apply.

What’s important?

  • Additional fees for paying with cash
  • Is your branch local enough for you to get to?
  • Many banks will offer support to start-ups whether that is a mentor or someone to help with software
  • All fees must be checked in case they are relevant to your business
  • It’s not always the safest option to go with your current bank unless you have done the above and it fits into your businesses criteria!

If you are stuck when it comes to choosing the right business bank account, then speak to other business owners and learn about their experiences with branches in the area. Remember once you have the account, make sure you are reviewing it on an annual basis. Businesses are covered by the 7-day switcher guarantee.

It’s a fact that people are more likely to divorce their other half than switch their business bank account. If you are worried about switching, then you shouldn’t be as all business accounts are covered by a 7-day switcher guarantee. (Just make sure your bank is registered with this scheme!).

What’s important?

  • Don’t just look at the free period, work out how much it will it cost after the fee free period
  • Ensure you know all fees relevant to your business to avoid surprises!
  • Switching can be done within 7 days
  • Make sure that those you bill are aware

If you are savvy enough to use online banking regularly then you may want to ask other business owners what their thoughts are on the application. Standards of online banking vary and no one wants to go backwards when they are trying to move forward.

If you are having trouble setting up a business bank account or switching from your current one, then there are still options available where you can avoid credit checks.

What they offer:

  • Debit cards
  • Online banking
  • The ability to pay into post offices or other establishments
  • Potential improvement on your credit rating
  • Quick setup and going to the branch is not required

Fees on the account can be paid monthly or annually. The account is simple and easy to use and it can also be cheaper than a standard business bank account!

90%

of our users would
recommend us to others!

What makes us different Business Comparison is here to help business owners no matter how big or small.

We found that as business owners ourselves, finding the best option is not easy to do online. We felt we could do better and provide a service to all small-to-medium sized businesses.

businesscomparison group photo

Business accounts for contractors are very simple and straightforward, they are designed for individuals who are classed as contractors, self-employed or sole traders. Those who fit into these professions will generally use their business accounts for a much smaller amount of transactions, they will usually have smaller balances on their accounts – compared to larger businesses. A high street bank may not be required in this case.

Contractor business accounts can be a lot quicker and easier to set up, with much lower transaction fees.

Accounts for contractors can also have less restrictions than those for larger companies, this includes the fact that no minimum balance is required and that the application process is much simpler. A less complicated application process can be a huge help when it comes to setting up a contracting business it can also save you some time during the set up – as you are on your own time is very precious!

If you are looking at banks remember this can mean a face-to-face meeting and then a longer process of waiting for your application to be confirmed.

Even though contractor accounts are created to have a simpler application process than standard accounts, they will still offer you the same benefits such as direct debits, potential overdraft options and online account management.

No minimum balance required

As contractors generally have lower levels of transactions than large businesses, most contractors accounts have no minimum balance requirement

Control your account online

Many business bank accounts include the option to manage your account and payments online, giving you greater control of your finances

Free banking periods

Business bank accounts, including contractor accounts, can include free banking for periods of up to 26 months when you sign up for a new account

Low monthly fees

After any free banking period, the fees for contractor accounts are generally lower than standard business accounts, as contractors generally have less transactions and lower balances than large business accounts

We compare the market for you to find exclusive deals.

Whether you want to switch or set up a business bank account we’re here for you.

Interested in a contractor business bank account?

Why not try out our bank account finder? This is a free, no-obligation tool that will help you find the most suitable account for your business.